Devon Energy Co. Expected to Post Q2 2024 Earnings of $1.21 Per Share (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Equities research analysts at Zacks Research lifted their Q2 2024 earnings per share estimates for shares of Devon Energy in a report released on Thursday, April 25th. Zacks Research analyst J. Saha now anticipates that the energy company will earn $1.21 per share for the quarter, up from their prior forecast of $1.17. The consensus estimate for Devon Energy’s current full-year earnings is $5.28 per share. Zacks Research also issued estimates for Devon Energy’s Q3 2024 earnings at $1.30 EPS, Q4 2024 earnings at $1.35 EPS, FY2024 earnings at $4.99 EPS, Q1 2025 earnings at $1.24 EPS, Q2 2025 earnings at $1.33 EPS, Q3 2025 earnings at $1.35 EPS and FY2025 earnings at $5.44 EPS.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the business earned $1.66 EPS. The firm’s revenue was down 3.6% on a year-over-year basis.

Several other research firms have also recently issued reports on DVN. UBS Group increased their price target on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Scotiabank increased their price target on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Susquehanna increased their price target on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Finally, JPMorgan Chase & Co. raised their target price on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Trading Down 3.6 %

NYSE:DVN opened at $51.18 on Monday. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The stock has a market cap of $32.50 billion, a price-to-earnings ratio of 8.78 and a beta of 2.19. The business has a fifty day moving average of $49.07 and a 200-day moving average of $46.22. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.44%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio is 15.09%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently bought and sold shares of the business. Morgan Stanley lifted its stake in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after acquiring an additional 2,220,194 shares in the last quarter. Raymond James & Associates lifted its stake in Devon Energy by 8.9% in the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after acquiring an additional 736,449 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after acquiring an additional 68,339 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Devon Energy by 1.2% in the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock worth $323,145,000 after acquiring an additional 82,607 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.